Westamerica Bancorporation (NASDAQ:WABC) Sets New 12-Month High – Should You Buy?

Shares of Westamerica Bancorporation (NASDAQ:WABC) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $57.00 and last traded at $56.52, with a volume of 44227 shares traded. The stock had previously closed at $56.32.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Keefe, Bruyette & Woods upped their target price on shares of Westamerica Bancorporation from $55.00 to $58.00 and gave the stock a “market perform” rating in a research note on Friday, April 17th. Wall Street Zen lowered shares of Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research note on Saturday, February 14th. Finally, Weiss Ratings raised shares of Westamerica Bancorporation from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $58.00.

Westamerica Bancorporation Trading Up 0.6%

The stock has a market capitalization of $1.33 billion, a price-to-earnings ratio of 12.62 and a beta of 0.56. The stock’s 50 day moving average is $54.06 and its two-hundred day moving average is $51.32.

Westamerica Bancorporation (NASDAQ:WABC) last announced its earnings results on Thursday, April 16th. The financial services provider reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.05. Westamerica Bancorporation had a net margin of 42.08% and a return on equity of 12.26%. The firm had revenue of $62.08 million during the quarter, compared to analyst estimates of $60.70 million.

Westamerica Bancorporation Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Monday, May 4th were paid a dividend of $0.48 per share. The ex-dividend date was Monday, May 4th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.4%. This is a positive change from Westamerica Bancorporation’s previous quarterly dividend of $0.46. Westamerica Bancorporation’s dividend payout ratio (DPR) is currently 42.76%.

Insider Activity at Westamerica Bancorporation

In other news, SVP Robert James Baker, Jr. sold 759 shares of the stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $53.83, for a total transaction of $40,856.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 5.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Westamerica Bancorporation

A number of large investors have recently modified their holdings of WABC. UBS Group AG boosted its stake in shares of Westamerica Bancorporation by 279.4% during the 4th quarter. UBS Group AG now owns 457,206 shares of the financial services provider’s stock worth $21,868,000 after buying an additional 336,714 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Westamerica Bancorporation by 101.3% during the 3rd quarter. Millennium Management LLC now owns 399,197 shares of the financial services provider’s stock worth $19,956,000 after buying an additional 200,884 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Westamerica Bancorporation by 35.9% during the 4th quarter. AQR Capital Management LLC now owns 381,832 shares of the financial services provider’s stock worth $18,263,000 after buying an additional 100,867 shares during the last quarter. MetLife Investment Management LLC boosted its stake in shares of Westamerica Bancorporation by 46.7% during the 4th quarter. MetLife Investment Management LLC now owns 228,658 shares of the financial services provider’s stock worth $10,937,000 after buying an additional 72,760 shares during the last quarter. Finally, Qube Research & Technologies Ltd boosted its stake in shares of Westamerica Bancorporation by 63.4% during the 2nd quarter. Qube Research & Technologies Ltd now owns 176,908 shares of the financial services provider’s stock worth $8,569,000 after buying an additional 68,638 shares during the last quarter. 81.89% of the stock is currently owned by institutional investors and hedge funds.

Westamerica Bancorporation Company Profile

Westamerica Bancorporation (NASDAQ: WABC) is a California-based bank holding company that provides a comprehensive suite of commercial banking, trust and wealth management services. Through its primary subsidiary, Westamerica Bank, the company offers deposit products, lending solutions and treasury management to a diverse clientele that includes small and mid-sized businesses, professionals, non-profit organizations and individuals.

The company’s lending portfolio encompasses commercial real estate financing, agricultural loans, equipment financing and lines of credit designed to support working capital needs.